Update: The Impact of COVID-19
#45 — June 18, 2021
Dominium has been focused on our business and operations during this pandemic crisis. As we move past the critical rent collection part of each month, we will focus our updates on information that we have found useful in the work we are doing. We hope that our friends and partners in affordable housing find it helpful as well and will send other information our way as well. A collection of all previous updates can be found at COVID-19 Impact Update.
Rent Collections
Through June 14th, 2021 we have collected 85.1% of charges for the month. Resident receipts are:
  • Down (0.4%) compared to May 2021 through the 14th
  • Down (0.2%) compared to April 2021 through the 14th 
  • Up 1% compared to March 2021 through the 14th 
  • Down (3%) compared to October 2019 through the 14th
Subsidy: Cumulative subsidy receipts for the month are 96% collected, which is: 
  • Down (4%) compared to May 2021 through the 14th.
  • Down (6%) compared to April 2021 through the 14th.
  • Down (4%) compared to March 2021 through the 14th.
  • Up 5% compared to October 2019 through the 14th.

Total Receipts: Cumulative receipts for the month are 91% collected, which is: 
  • Down (2%) compared to May 2021 through the 14th.
  • Down (2%) compared to April 2021 through the 14th.
  • Down (1%) compared to March 2021 through the 14th.
  • Down (2%) compared to October 2019 through the 14th.

Receipts at Senior properties are 95% collected, which is: 
  • Flat compared to May 2021 through the 14th.
  • Flat compared to April 2021 through the 14th.
  • Flat compared to March 2021 through the 14th.
  • Flat compared to October 2019 through the 14th.

Receipts at Family properties are 83% collected, which is: 
  • Down (1%) compared to May 2021 through the 14th.
  • Down (1%) compared to April 2021 through the 14th.
  • Down (1%) compared to March 2021 through the 14th.
  • Down (4%) compared to October 2019 through the 14th.
The chart below shows the distribution of properties on their collection performance in June 2021 through the 14th. Out of the 201 properties, 12 have collected less than 60% of June 2021 charges representing $0.3M remaining to collect while 38 properties have collected over 95% representing $0.1M remaining to collect.
The lowest collection category is primarily made up of Section 8 properties which are impacted by timing with changes between resident and subsidy owed charges. The below distribution excludes these properties and follows the expected trends.
Previous Dominium Rent Reports can be found here.
Economic News
Initial jobless claims fell to 367,000 last week, the first time that figure has been below 400,000 since the start of the pandemic. At the worst of the pandemic, in April 2020, initial claims reached over 6 million, but the latest figures remain roughly twice the pre-pandemic level. (US Department of Labor)
Other Interesting & Helpful Resources
The Los Angeles Dodgers hosted “Reopening Day” this week welcoming over 52,000 fans back to Dodger Stadium, making it the largest crowd in US professional sports since the beginning of the pandemic. That same day, California lifted many of its mandates, including capacity limits in restaurants, bars, gyms, stadiums, etc. (NBC News)

The 2021 Olympics are set to begin on July 23rd in Tokyo with many restrictions, including removal from competition for positive COVID tests. No foreign spectators will be allowed at the games, and the games will be staged in a restrictive environment with athletes eating meals alone. They will also be unable to travel into Tokyo for nightlife or tourist activities. (yahoo!sports)
Resident Resources
National Low-Income Housing Coalition put together a State and Local Rental Assistance guide for COVID-19 Emergency Rental Assistance Programs around the country.

Fannie Mae put together a “Here to Help Renters” resource guide. It includes tips for talking to your landlord, top things to know, and options for those in need of financial assistance. Other resources are linked to HUD, CARES Act, and state and local resources.

Freddie Mac offers a Renter Helpline, which provides counseling for renters on budgeting, credit improvement and debt management. The attached flyer is available in multiple languages.

HUD has put together a guide and FAQ for Renters during the Pandemic.

The United Way is assisting residents in Minnesota with the COVID housing assistance program. Those needing support can call 211 or toll free at 1-800-543-7709.

Information on filing for unemployment

Family Housing Fund has put together resources for households impacted by COVID-19, ranging from legal help, utilities, food, unemployment insurance and more.

Housing Link has provided tips for emergency assistance in the Twin Cities with contact information by county.

National Alliance on Mental Illness Minnesota also has a list for families of financial and housing resources. You can also search for reduced cost services by zip code on their website.
In an attempt to share what we know and are doing during this crisis, we are publishing a set of periodic updates for our partners and friends in affordable housing. We likely will do this twice a month or as interesting events dictate. Please let us know if you would like to be removed from this list.

Thank you,
Paul Sween & Mark Moorhouse